Putin dismissed claims that Russia would abandon the US dollar, downplaying BRICS currency ambitions and emphasizing the dollar's global dominance.

Putin's View on the US Dollar: Why Russia Hasn't Turned Away Yet

Russian President Vladimir Putin addressed speculation regarding Russia's stance on the US dollar during a speech at the Valdai Discussion Club in Sochi, clarifying that Russia has no intention of abandoning the use of the US dollar. Tass quoted him as saying:

We — Russia in any case — do not reject the dollar and do not intend to do so. We are simply denied the use of the dollar as a means of payment.

“In my opinion, this is a very stupid move on the part of the US financial institutions because the entire power of the United States so far is based on the dollar,” the Russian president added.

While Russia has no plans to abandon the dollar, Putin acknowledged that the country is exploring new financial mechanisms to respond to global economic developments. He said these tools would be in line with emerging economic trends without directly challenging the role of the dollar.

Putin also commented on discussions about a potential common currency among the BRICS countries. He noted that the idea was premature, stressing that "it is too early to talk about it and we do not have such goals in the middle because in order to talk about a certain common currency, firstly, it is necessary to achieve greater integration of the economies and secondly, somehow the quality of the economies must be raised to a certain level so that they are very similar economies, comparable in quality, in structure."

Putin then emphasized the global influence of the dollar, stating:

Over the past decade, the United States has received $12 trillion for no apparent reason, through issuance and giveaways.

He urged the United States to invest some of this financial gain in addressing environmental issues: “Let us share these revenues [from the dollar issue] that fall from the sky with you [the United States], if you really care about the environmental situation.” Putin’s comments underscore Russia’s complex stance on economic independence while acknowledging the long-term impact of the dollar.
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